Have you received your tax statement?

HMRC normally send out a tax statement this time of the year to all self-assessment taxpayers that have submitted a tax return for 2017-18.

As we reported last week, this will list any balance of tax due for 2017-18 and the amount of any payment on account required for 2018-19 (if any is due). Both amounts will need to be settled on or before 31 January 2019 to avoid interest and possible late payment penalties.

If you don’t receive a statement, but you know how much you need to pay, simply organise an online bank payment to:

HMRC Cumbernauld – sort code 08 32 10 – account number 12001039, or

HMRC Shipley – sort code 08 32 10 – account number 12001020

If you don’t know which account to use send your payment to Cumbernauld.

In either case be sure to quote your ten digit Unique Tax Refence number followed by the letter “K”. For example: 1234567899K. DO NOT make a payment without this number as HMRC will not know who to allocate the payment to.

If you don’t know how much to pay, contact your tax advisor or login to your online tax account.

Will your income be lower 2018-19 compared to 2017-18?

If you believe that your taxable income will be less than the previous tax year, you may be able to elect to reduce any payments on account for 2018-19 that have been calculated as if your tax due for 2018-19 is going to be the same as 2017-18.

Your tax adviser can do this for you or you could contact HMRC’s helpline for advice on how to proceed.

And as we have advised in previous posts on this topic, if you cannot fund your 31 January 2019 tax payment, call HMRC Business Payment Support Service: 0300 200 3835 to organise an agreed repayment schedule. Generally, you will need to clear any arrears before any further tax liabilities fall due for payment.

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